Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 31, 2023	May 31, 2023
Current assets:
Cash and cash equivalents	$ 5,942	$ 28,999
Restricted cash	25,271	14,575
Accounts receivable	27	82
Prepaid expenses and other current assets	2,308	2,103
Total current assets	33,548	45,759
Property and equipment, net	222,666	195,593
Operating lease right of use assets, net	11,183	1,290
Finance lease right of use assets, net	55,691	14,303
Other assets	26,065	7,012
TOTAL ASSETS	349,153	263,957
Current liabilities:
Accounts payable	16,229	6,446
Accrued liabilities	12,743	8,330
Current portion of operating lease liability	1,807	320
Current portion of finance lease liability	23,471	5,722
Current portion of debt	9,163	7,950
Sales and use tax payable	62	1,630
Total current liabilities	151,679	115,460
Long-term portion of operating lease liability	9,573	1,005
Long-term portion of finance lease liability	25,071	8,334
Other long-term related party liabilities	0	1,000
Total liabilities	221,205	194,278
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value, 166,666,667 shares authorized, 110,850,885 shares issued and 105,849,157 shares outstanding at August 31, 2023, and 100,927,358 shares issued and 95,925,630 shares outstanding at May 31, 2023	110	101
Treasury stock, 5,001,728 shares at August 31, 2023 and 5,001,728 shares at May 31, 2023, at cost	(62)	(62)
Additional paid in capital	240,073	160,194
Accumulated deficit	(112,173)	(100,716)
Total stockholders’ equity attributable to Applied Digital Corporation	127,948	59,517
Noncontrolling interest	0	10,162
Total stockholders' equity including noncontrolling interest	127,948	69,679
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	349,153	263,957
Nonrelated Party
Current liabilities:
Customer deposits	32,559	32,559
Deferred revenue	50,863	47,168
Long-term debt	34,882	33,222
Related Party
Current liabilities:
Customer deposits	3,811	3,811
Deferred revenue	971	1,524
Long-term debt	$ 0	$ 35,257